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lender: Is Your Credit Score a "Score" or a "Rank"?? - 01/25/11 09:03 AM
Apparently there is a misconception out there that your credit score is just that; a basis of how you handle your credit, pay your bills, and your effort to stay on top of things. With this new economy that we've been thrust unwillingly into, that has apparently changed. It's not more-or-less a ranking of how you fit in with the ever-changing credit scores of the general population. The actual quote from a financial article is, "Your credit score is not a rating of your credit worthiness, but rather a ranking of your credit worthiness compared to the rest of the … (0 comments)
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lender: Beyond the Lousy Loan... - 08/24/09 08:35 AM
Yes, it's true, many lenders in recent years have written sub-prime mortgages that could only be expected to default. However, foreclosure is nothing new, and there are myriad reasons that a homeowner might be facing dire straits.
Challenges might include economic hardship due to job loss, bad health or divorce, or payments that jumped too high after a rate adjustment, or simply increased cost of living outpacing income.
Whatever the reasons, the best way to avoid foreclosure is to be well educated and prepared before making a home purchase, and anticipating worst-case scenarios before choosing the loan that is right for … (0 comments)
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lender: An Ocean of Options! - 08/04/08 10:37 AM
As a buyer, you may find yourself drifting on an ocean of financing options. As lenders tighten their requirements, there are a few aspects of the loan application of which you should be aware before applying for a mortgage.
First, determine whether you are seeking "pre-qualification" or "pre-approval." What's the difference? Generally speaking, when you are pre-qualified, the lender reviews your information and hazards a "best guess" as to the size of loan for which you would qualify.
In the pre-approval process, however, the lender verifies everything on your application, and offers to approve a certain amount at a certain interest … (0 comments)
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lender: Keep The Cart Behind The Horse! - 06/30/08 10:38 AM
It's probably no surprise that nearly all buyers require financing for their home purchase. The real challenge is not so much in getting the loan as it is in finding the loan that's right for you.
The time to start your loan search is before you begin looking at homes. After you've reviewed your loan options, you'll have a better idea of just how much home you can afford.
Starting early also gives you an edge when you offer to purchase a property, because most contracts will specify that you have to apply for financing within a certain amount of time, … (0 comments)
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lender: Timing Isn't Everything - 05/05/08 11:02 AM
In light of declining sales and tougher loan requirements, many potential buyers are asking if they should buy now, or wait several months before moving forward with a decision. The thing is, you can't time the real estate market any more than you can time the stock market. Simply put, the best time to buy is simply when you need to do so.
Start searching now, targeting your preferred locations and getting a sense of the local trends. Speak with local realty professionals to gauge listing times, list-to-sale ratios, and contract terms. There's no such thing as a "national" market, and … (0 comments)
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lender: Seller Alternatives to Foreclosure - 03/10/08 01:41 PM
So, your house is in foreclosure... now what? Try to look at the situation without attaching your emotions. From a strictly business viewpoint, you can more successfully analyze which option might best suit your needs and desires and move toward resolving your financial difficulty. One very important thing to remember: time is of the essence, so take quick action in order to allow yourself enough time to complete the chosen process.
Do Nothing:If a homeowner does nothing, they most likely will lose their home at a foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit … (0 comments)
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lender: Buying a Home: 12 Tips for Cruising From Contract to Closing - 03/06/08 08:53 AM
The spring home buying season is fast approaching and many people are preparing to take advantage of low interest rates and a great selection of well-priced homes. Buying a home is exciting but it can also be overwhelming. Here are some tips to make the process a little easier:
1. Get pre-approved (not just pre-qualified) for a mortgage before making an offer on a home or even doing a home search. A pre-approved home buyer is effectively the same as a cash buyer, which makes you stronger in the eyes of the seller.
2. Deliver all requested documents (e.g. bank statements, pay … (0 comments)
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lender: "Project Lifeline" To help Homeowners - 02/14/08 01:11 PM
Assist-2-Sell, the leading full-service discount real estate company, is encouraged by this week's announcement that six of the nation's largest mortgage lenders will reach out to homeowners most at risk of losing their homes through a new plan known as "Project Lifeline." The Company is also pleased to see such strong support for the plan come from the White House, the U.S. Treasury and the Department of Housing and Urban Development.
Project Lifeline (http://www.hopenow.com/) helps homeowners avoid foreclosure by temporarily suspending the foreclosure process for 30 days. The plan will initially involve Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., … (0 comments)
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lender: Knowledge is Power!!! - 01/28/08 08:52 AM
You know that real estate agents help you to move. Did you know that agents can also help you stay where you are? This has become quite an issue in light of the recent rise in loan defaults. Real estate agents provide critical information and a link between lenders and buyers.
Subprime loans, in and of themselves, are not bad. They provide financing for substantial numbers of people who cannot otherwise qualify under standard lending practices. However, buyers must be informed and realistic about what terms they can actually afford to accept.
No one - not banks, not agents, not homeowners … (0 comments)
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lender: Phasing Out, Phasing In... - 08/06/07 12:36 PM
You're undoubtedly hearing reports in the media about increasing numbers of mortgage defaults. A frenzy of financing in the last few years allowed many buyers to secure loans that were downright inappropriate for them, and now we're experiencing the fallout.
If you're planning to sell or buy a home in the near future, what effect might the number of foreclosures have on your plans? Either way, banks and lenders are beginning to formulate loans more carefully, which can affect both buyers and sellers in the real estate market.
Buyers can certainly expect a tightening of credit. It will be more difficult … (0 comments)
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Michael Sinton, CRB, CRS, SFR, e-Pro
Jackson,
NJ
More about me…
Weichert Realtors
Address: 2110 West County Line Road, Jackson, NJ, 08527
Office Phone: (732) 370-4664
Cell Phone: (732) 904-3236
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